It's a concept that's been observed for thousands of years (if not longer): the responsibility of protecting one's family.
In primitive times, it was to safeguard family members from hungry beasts in order to ensure the survival of the species. Over the last several centuries, keeping loved ones safe from disease or accidents was important on a practical level since these individuals contributed directly to the family's well-being by working on farms, selling goods at the market, or performing household chores.
But what does it mean to protect your family in the 21st century?
Keeping Them Safe When They Travel
Well, since the world is a much more ambulatory place than it used to be, it's vital that your loved ones are protected while they're on the go. That means buying them helmets for when they go bicycling, or purchasing elbow and knee pads for when they get on a skateboard (or a Segway or a hoverboard). And when you load your family into your car, you should make sure they fasten their seat belts or are strapped into their age-appropriate car seats before you start the ignition.
Keeping Them Safe When They're At Home
What about protecting your family at home? It starts with installing devices that detect smoke, fire, carbon dioxide, and any other hazardous gases which may harm your loved ones. To keep them safe from burglars and other criminals, you may wish to put in an alarm system which automatically contacts emergency services when it is triggered. If an alarm system is not possible or feasible, other alternatives include deadbolt locks, window security bars, or even firearms.
Keeping Them Safe Even If You're Not Around
But there's something else that's even more important than these tangible safety measures: protecting those you care about in the event that you are unable to do so yourself. More specifically, that means acquiring a life insurance policy that's comprehensive enough to provide financial security for your family.
Your life insurance coverage should have a death benefit that's not only adequate to pay for your burial and funeral expenses but also large enough to address other liabilities. These may include the mortgage on your home, any taxes which may be outstanding, and credit card debts or other loans which your spouse co-signed for.
Life Insurance Riders Can Help
In addition, you may also wish to consider riders that can protect your beneficiaries in other situations. For instance, a family income benefit rider can replace your annual income in the years after your death. Similarly, a disability income rider replaces your income if you become disabled and are unable to work. Finally, a critical illness rider can help offset the medical costs associated with any terminal disease like cancer, heart disease, or renal failure.
Whole Life Policies Provide a Financial Safety Net
Finally, whole life insurance policies can be structured to offer financial assistance in non-life-or-death scenarios. For example, you can draw upon the cash value of your whole life policy to obtain a regular income that supplements your retirement savings. Or you can use those funds to help pay for long-term care as you grow older. Both of these options protect your loved ones by relieving them of the financial burden of having to support you in your old age.
Know why this family is so happy? They're protected by a life insurance policy.
Don't Put Off Buying Life Insurance
The first step toward obtaining life insurance is getting online life insurance quotes. IntelliQuote can furnish you with quotes from several companies; all you have to do is fill out a simple one-page online form. Then you can compare premiums and plans side-by-side to find the life insurance policy that's right for you.
These days, the most vital aspect of protecting your loved ones is putting together a contingency plan in the event you are no longer there to oversee their well-being. A life insurance policy is the best way to give you and your family peace of mind that they are covered in case you are suddenly taken from them. Request your quotes today.